Huobi, one of the biggest cryptocurrency exchange in the world, has revealed its launching a crypto-based exchange-traded fund (ETF).

The ETF is available to investors throughout the world, exept those in the US.

Singapore-based cryptocurrency exchange Huobi is launching a crypto-based exchange-traded fund (ETF), which is reportedly going to help retail investors gain exposure to the cryptocurrency ecosystem by investing in a basket of cryptos, instead of going with one.

According to a recently published announcement the ETF – dubbed HB10 – is already open for subscriptions, and can only be purchased with cryptocurrencies, not fiat. Per the announcement, investors can buy the ETF with bitcoin (BTC), ethereum (ETH), tether (USDT), and Huobi tokens (HT)

Huobi is set to charge a tiered trading fee on the ETF, which can go to zero depending on the amount investors go with. While an investment of 500,000 USDT or less is going to face a 0.1 percent fee, an investment that comes close to 1 million USDT will have a 0.05 percent fee. For investments over 1 million USDT, no fee will be charged.

The company’s announcement adds:

“The minimum subscription amount is either 100 USDT, 0.01 BTC, 0.2 ETH or 50 HT for each account, while the maximum amount is 10 million USDT or equivalent. Each day, the successful subscribed amount is confirmed by the equivalent freezing of digital assets. The total amount of HB10 shares a user has successfully subscribed will be confirmed after the subscription period ends.”

Huobi

The ETF itself is based on Huobi’s 10 index, which essentially lists the 10 largest cryptocurrencies in terms of market capitalization and liquidity traded on the Huobi Pro platform. Every crypto listed on said platform traded against USDT may qualify to be included on the index.

The company notes that since the ETF is also going to be available for institutional investors, it can potentially “reduce the impact of institutional entry and exit.” Notably, the product is going to be available to investors throughout the world – including in China – but currently isn’t available for US-based investors.

This, as the country hasn’t yet made any clear moves when it comes to cryptocurrency exchange-traded funds. Earlier this year, the US Securities and Exchange Commission (SEC) revealed these products were, at the time, off the table